BlockBeats News, February 17th, fast food chain Steak ‘n Shake stated that its decision to start accepting Bitcoin payments nine months ago has driven a “significant” increase in same-store sales.
The company said in a statement released on Monday on Platform X that Bitcoin payment proceeds go directly into its strategic Bitcoin reserve, which is later used to give bonuses to employees.
Earlier this year, the company revealed that it had added $10 million worth of Bitcoin to its corporate treasury reserve, creating a “self-reinforcing” cycle: customers pay with BTC, sales increase, and crypto revenue flows back into the reserve.
Stake ‘n Shake has been accepting Bitcoin payments via the Lightning Network since May last year. Since then, same-store sales initially saw a 10% growth. Chief Operating Officer Dan Edwards revealed that the company can save about 50% on processing fees when customers pay with cryptocurrency.
In October last year, this fast food chain introduced a Bitcoin-themed burger and pledged to donate a portion of the proceeds from each “Bitcoin combo meal” to an open-source Bitcoin development project.
